Vogue Business: Fashion Brands poised to capitalise on current NFT craze

Vogue Business: Fashion Brands poised to capitalise on current NFT craze

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Fashion brands are “exploring the wild, crazy world of blockchain and all the creative business possibilities,” according to a news release by Vogue Business earlier today, and are now gearing up to take the train.

Fashion brands are “exploring the wild, crazy world of blockchain and all the creative business possibilities,” according to a news release by Vogue Business earlier today, and are now gearing up to take the train.

Vogue Business says many industry sources have mentioned several luxury fashion houses preparing to launch NFTS. Marjorie Hernandez, founder of blockchain company Lukso, said::

"The question is who will pull the trigger first. Luxury brands have been behind the e-commerce trend, so there is now more desire to try new technologies such as blockchain.”

For example, Clothia, “a fashion designer collective that allows emerging fashion designers worldwide to connect directly with customers, " currently has several NFT dresses sold at auction, such as the following with a price of 3.5 ETH:

This is NFT fashion designer Aska's St. She depicts an organza and eco leather dress made entirely by hand using haute couture techniques at her workshop in Petersburg, Russia. This design is suitable, can be used for a physical dress made to specific specifications. Clothia founder and CEO Elena Silenok told Vogue Business:

"Luxury brands can also use NFTS to enable more customers to access their brands.”

Futurist Cathy Hackl, CEO of Futures Intelligence Group, said::

“As we move to a more comprehensive web, every fashion brand will have to have a virtual strategy. Selling virtual dresses and items will be a significant revenue stream for brands.”

December October 2015 to December 2020, Ian Rogers, who is now Chief Experience Officer at Ledger and also Chief Digital Officer at French luxury goods company LVMH, said, according to a report published by Quartz at virtual Vogue Business and TikTok Technology Forum on March 18.: :

"There's no reason why you can't buy a bag today and get an NFT. Luxury is the business of building identity. You will not buy a luxury handbag because of its incredible benefit. You buy because the brand has built culture and that culture is something you want to be part of.”

Robert Triefus, Executive Vice President of brand and Customer Relations at Gucci, said at the same event, according to Quartz:

“A world that still needs to be understood. We are now looking at experiments and pilots where values for us are added to specific experiences or digital products so that we can understand what the value system is.”

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